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dif.com.au

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Investments

3

Funds

4

About DIF Capital Partners

DIF Capital Partners is an independent stand-alone business that manages a portfolio of unlisted mezzanine and private debt assets sourced from situational anomalies facing corporations, utility operators, and shorter-term ‘active’ expansion capital plays. The company is open only to investments by superannuation funds and institutional investors with the capacity to invest not less than $10 million in a single commitment.

DIF Capital Partners Headquarter Location

Level 29 Chifley Tower 2 Chifley Square

Sydney, New South Wales, 2000,

Australia

61 2 9375 2475

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Latest DIF Capital Partners News

HICL Infrastructure acquires 55% shareholding in ADTIM in France

May 19, 2022

NewsnReleases by NNR | Posted on LONDON, UK: HICL Infrastructure Plc has acquired its first fibre broadband investment through the acquisition of a 55% shareholding in ADTIM SAS in France from DIF Capital Partners from its DIF CIF I fund. Following completion, ADTIM will represent approximately 2% of HICL’s portfolio, by value. This is HICL’s first fibre broadband investment and the third fibre broadband investment made by InfraRed-managed funds in Europe. ADTIM is an independent wholesale fibre network providing low density rural areas in the South of France with 18,300km of critical fibre-to-the-home (“FTTH”) broadband infrastructure. Procured under France’s 2012 Ultra-Fast Broadband Plan, ADTIM is the sole wholesale provider of this subsidised rural network, with pricing regulated by ARCEP, the French telecom regulator. This essential infrastructure benefits from long-term predictable cash flows and high barriers to entry, placing the asset at the lower end of the infrastructure risk spectrum. The investment is accretive to key portfolio metrics. ADTIM has been awarded two concession contracts by the local authority, under the French Public Initiative Networks (“PIN”) scheme, to operate two infrastructure networks providing broadband access to telecom operators serving the residential and business retail markets in the Drôme and Ardèche area: ·    PIN 1: 2,300km of fibre under a 25-year concession awarded in 2008, which has been fully operational since 2011; and ·    PIN 2: 16,000km of fibre in 640 municipalities, under a 19-year concession awarded in 2016 to deploy and operate c. 350k FTTH lines by 2025. This PIN remains in deployment phase (‘roll-out’) with delivery obligations to remain with the local authority. ADTIM’s network is run by one of the largest wholesale operators in France, Axione, a subsidiary of Bouygues Energies & Services (“BYES”), part of the Bouygues SA Group. Axione manages c. 20% of all FTTH PIN areas in France and operates across the full fibre value chain from design to roll-out to operations, in both France and the UK. ADTIM earns wholesale revenues generated from the sale of its broadband and network services to Internet Service Providers such as Free, Bouygues Telecom, Orange and SFR under an ARCEP-regulated tariff. Operating costs are largely contracted under long-term contracts with Axione. As indicated above, a portion of the network is subject to further roll-out, scheduled for completion in 2025. The local authority bears the full risk of construction and delivery of the lines under the concession contract. InfraRed was supported on the acquisition of ADTIM by Olivier-Marie Racine, from InfraRed’s network of senior advisers. Olivier-Marie was the CEO of BYES until 2020, where he oversaw the development and operation of the Axione business. Olivier-Marie will sit alongside members of InfraRed’s asset management team in representing HICL’s interests on the board of ADTIM. ADTIM is the third fibre broadband investment made by InfraRed-managed funds in Europe since 2020. InfraRed has been specifically exploring the French fibre market for HICL for the past two years, owing to its maturity, regulated framework and concession-based delivery model, positioning the sector at the lower end of the infrastructure risk spectrum. Completion of the transaction is expected in Q3 2022 following customary third-party consents. The investment will be funded from HICL’s existing credit facilities. Edward Hunt, Head of Core Income Funds at InfraRed said: “InfraRed is delighted to have secured HICL’s first digital communications investment. ADTIM fits with HICL’s vision by connecting underserved communities with fibre broadband; linking people to employment, education and each other. Providing essential public services, with long-term, predictable revenues generated under a regulated tariff, ADTIM is a prime example of core infrastructure of the modern economy.”

DIF Capital Partners Investments

3 Investments

DIF Capital Partners has made 3 investments. Their latest investment was in Airtower Networks as part of their Private Equity - II on May 5, 2022.

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DIF Capital Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/9/2022

Private Equity - II

Airtower Networks

Yes

2

8/19/2020

Private Equity

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$99M

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10

8/17/2020

Private Equity

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$99M

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10

Date

5/9/2022

8/19/2020

8/17/2020

Round

Private Equity - II

Private Equity

Private Equity

Company

Airtower Networks

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Amount

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

DIF Capital Partners Acquisitions

3 Acquisitions

DIF Capital Partners acquired 3 companies. Their latest acquisition was Plugit on November 25, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/25/2021

$99M

Acq - Fin

4

10/4/2021

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$99M

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10

8/24/2020

Private Equity

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$99M

$99M

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10

Date

11/25/2021

10/4/2021

8/24/2020

Investment Stage

Private Equity

Companies

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Valuation

$99M

$99M

$99M

Total Funding

$99M

Note

Acq - Fin

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Sources

4

10

10

DIF Capital Partners Fund History

4 Fund Histories

DIF Capital Partners has 4 funds, including DIF Infrastructure VI.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/20/2020

DIF Infrastructure VI

REAL Estate

Open

$1,558.27M

1

12/31/2007

Direct Investment Fund Mezzanine Debt Trust

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$99M

10

DIF Infrastructure V

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$99M

10

DIF Infrastructure IV

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$99M

10

Closing Date

3/20/2020

12/31/2007

Fund

DIF Infrastructure VI

Direct Investment Fund Mezzanine Debt Trust

DIF Infrastructure V

DIF Infrastructure IV

Fund Type

REAL Estate

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Status

Open

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Amount

$1,558.27M

$99M

$99M

$99M

Sources

1

10

10

10

DIF Capital Partners Team

2 Team Members

DIF Capital Partners has 2 team members, including current Managing Director, Ted Dow.

Name

Work History

Title

Status

Ted Dow

Managing Director

Current

Fergus Neilson

Managing Director

Current

Name

Ted Dow

Fergus Neilson

Work History

Title

Managing Director

Managing Director

Status

Current

Current

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